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United Kingdom Introduces Bill to Make Crypto Seizures ‘Easier and Quicker’

United Kingdom Introduces Bill to Make Crypto Seizures ‘Easier and Quicker’

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The The Act on Economic Crime and Business Transparency The UK Parliament yesterday introduced plans to extend police powers to cryptocurrencies to fight cybercrime, money laundering and “foreign kleptocrats”.

While the bill doesn’t specifically address crypto, it would make it “easier and faster” for law enforcement agencies like the National Crime Agency to “seize, freeze and return crypto assets” through a strengthened and modernized “Proceeds of Crime Act.” 2002 to combat money laundering.

Graeme Biggar, director general of the National Crime Agency, said in a statement: “Domestic and international criminals have for years laundered the proceeds of their crimes and corruption by abusing UK corporate structures and are increasingly using cryptocurrencies. These reforms – long overdue and very welcome – will help us curb both.

Last summer, Britain’s Metropolitan Police (Met) financial crime command unit seized hundreds of millions of dollars worth of cryptocurrency in two separate raids. In June, the Met seized 158 million dollars after investigating several money laundering crimes.

Just three weeks later, during the same investigations, the Met surpassed the previous seizure and seized it 250 million dollars.

Crypto: The British Approach

In general, the UK has been eager to embrace cryptocurrency as a potentially revolutionary technology. The former British government seemed particularly warm to it, so much so that already in April it announced plans to come “global cryptocurrency technology hub.”

At the time, Chancellor of the Exchequer Rishi Sunak said in a prepared statement: “My aim is to make the UK a global center for crypto-asset technology, and the measures we have outlined today will help ensure that businesses can invest, innovate, and expand in this country.”

Sunak’s primary proposal for regulating crypto involved regulation stable coins “as a recognized payment method”.

The British government also announced a partnership with the Royal Mint – the official maker of British coins. NFT which was originally supposed to be released by summer, even though autumn is almost here and there have been no updates.

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Protecting UK consumers

Britain published in January plans to protect consumers from misleading crypto ads.

The government said it will bring all crypto advertising into compliance with the current Financial Promotion Act.increase consumer protection while encouraging innovation.”

This means that crypto ads need to be approved by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) or a licensed company.

In March, the Advertising Standards Authority (ASA) issued a “red alert”. Enforcement notice Thu more than 50 crypto companies, warns them to bring their advertising in line with the new guidelines. ASA coordinates closely with the Finnish Competition Authority to distribute the announcement.

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